CHICAGO (CBS) — Chicago Congressman Danny Davis says he has cautious hopes that Democrats and Republicans will resolve their stalemate over the budget, ending a partial federal shutdown and avoiding a devastating debt crisis, reports WBBM Political Editor Craig Dellimore.

With the House deadlocked over continuing funding for the federal government, Democratic Congressman Danny Davis says he hopes the Senate will do better. He says everyone recognizes the urgency of Thursday’s deadline for raising the debt ceiling.

After all, Davis says, the nation as founded on debt.

“We borrowed money to fight the Revolutionary War and so there was a debt owed. We paid it. If we have done that for 235 years, if we have done it ever since this country has existed, we can do it again,” said Davis.

While everyone in Washington says something has to give this week, no one can say who will give what or where.